Streaming issues? Report here
Kenny Maistry 1500 x 1500 2020 Kenny Maistry 1500 x 1500 2020
Soulful Sundays with Kenny Maistry
10:00 - 13:00
volume_up
volume_mute

Up Next: Soulful Sundays with Paul Mtirara
See full line-up
Soulful Sundays with Kenny Maistry
10:00 - 13:00
Home
arrow_forward
MyMoney Online

Retirement funds in SA are changing – new laws come into effect on 1 March 2021

15 January 2021 1:23 PM

Bruce Whitfield asks personal finance advisor Warren Ingram to explain in detail the new laws affecting provident funds.

Click here for all our "personal finance" articles in one place.


New laws affecting provident funds come into effect on 1 March.

One of the aims of the laws is to create uniformity among all the various retirement savings vehicles such as retirement annuities, pension funds and provident funds.

© deagreez/123rf.com

Trending, right now, in "business":


Currently, provident fund members can take their entire retirement benefit in cash upon retirement – they do not have to "buy" a pension.

Pension fund members must use a minimum of 66% of their retirement benefits to "buy" a pension upon retirement.

For 1 March, however, provident fund members will also be compelled to buy a pension with at least 66% of their benefits.

Contributions to provident funds made before March 2021 – plus all growth – can still be taken in cash upon retirement.

Provident fund members older than 55 remain unaffected by the changes as long as they remain with the same fund.

Found all that more than a bit confusing?

The Money Show’s Bruce Whitfield asked Warren Ingram (Personal Financial Advisor at Galileo Capital) to give more detail about the new laws affecting provident funds.

Listen to the interview in the audio below.




15 January 2021 1:23 PM

More from MyMoney Online

Buy new sneakers (or whatever), take them home – if you can afford 3rd of price

15 February 2021 7:07 PM

Zero-interest shopping loans are disrupting lay-bys. The Money Show’s Bruce Whitfield interviews PayJustNow CEO Craig Newborn.

Share this:
Read More arrow_forward

Is the longest bull market in history back?

2 February 2021 2:39 PM

"South Africa might just surprise to the upside," says Quintus Kilbourn, Head of Equities: Absa Corporate and Investment Banking.

Share this:
Read More arrow_forward

[EXPLAINER] Tax Free Savings Accounts vs Retirement Annuities 101

2 February 2021 1:51 PM

"Both are long-term savings vehicles with certain tax advantages," explains Michael Kirkpatrick of Alexander Forbes.

Share this:
Read More arrow_forward

Economy in 2021: 'Expect a better year for South African assets'

15 January 2021 3:02 PM

An economist expects China growth at 9.5%, US money-printing, rising metal prices and trade- and current-account surpluses in SA.

Share this:
Read More arrow_forward

How to buy your very first share – even if you have mere cents to invest

13 January 2021 3:04 PM

You can buy R1 (or even one cent) worth of shares. "The key to getting started is to get started," says Charles Savage.

Share this:
Read More arrow_forward

Buying a new car may be possible – even if you can’t afford the monthly payments

13 January 2021 10:49 AM

Need new wheels? WesBank’s Lebogang Goaaketse discusses a popular method for making repayments more affordable.

Share this:
Read More arrow_forward

Buy hugely discounted properties (up to 70% off) on auction right now

11 January 2021 7:23 PM

Distressed properties on auction are going for a song. Bruce Whitfield interviews property economist Francois Viruly.

Share this:
Read More arrow_forward

Free Covid-19 vaccine for all medical aid members – Discovery CEO

6 January 2021 9:01 AM

"It’s mandatory for medical schemes to pay for for the Covid-19 vaccine," says Dr Ryan Noach, CEO at Discovery Health.

Share this:
Read More arrow_forward

Vaccine optimism is priced in – asset manager

7 December 2020 7:48 PM

Investors are getting ahead of themselves, warns Pieter Hundersmarck, a fund manager at Flagship Asset Management.

Share this:
Read More arrow_forward

Need new wheels? Car subscriptions at a monthly fee have arrived in South Africa

7 December 2020 7:21 PM

Bruce Whitfield interviews Tinashe Ruzane of FlexClub, where you can choose from a variety of car subscriptions for a monthly fee.

Share this:
Read More arrow_forward